LIBYA AND OUR DEPENDENCY ON FOREIGN OIL: The dust of war has not settled yet in this North African nation, so influenced by ancient tribal traditions.

Under Gadhafi’s regime, foreign oil companies actively participated in Libya’s oil and gas sector. The NTC (National Transitional Council)– the rebel group acting as the interim government, appears to be leaving the door open for the continuation of contracts in the oil and gas sector.

The list of oil and gas companies that seem ready to jump into action in Libya include: ConocoPhillips, Marathon, Hess and Occidental, from the United States. Eni from Italy. Repsol from Spain, Suncor from Canada. Wintershall from Germany. Total from France.

But this is far from a done deal.

Business transactions with Libya could be delayed by the freeze of Libyan overseas assets, as set forth by the United Nations Security Council. Even though Western nations want the freeze lifted immediately, countries like China, Russia and South Africa have opposed UN Resolution 1973 and NATO’S siding with rebel armed forces.

Communist China continues its march across the globe with the clear objective of achieving substantial economic influence– if not outright control, of entire regions. There is no question that China’s objections to the NATO attacks is part of a larger plan to be an influential participant in North Africa– as it already is in sub-Saharan Africa.

A Pentagon report estimates that the war in Libya has cost American taxpayers $896 million. Now the question is– what will Washington do to stop Communist China’s aggressive economic leverage and political subterfuge in a post-Ghadafi Libya?

Given this scenario and our financial crisis– how long will America remain dependent on foreign oil?